Avidity Biosciences, Inc. Stock Price, News & Analysis

Avidity Biosciences (Nasdaq: RNA) has successfully closed its upsized public offering of common stock, raising approximately $345.1 million in gross proceeds. The offering included 8,418,000 shares sold at $41.00 per share, with underwriters fully exercising their option to purchase additional shares. The company plans to use the net proceeds to fund its clinical programs, advance research and development of its AOC platform, and for working capital and general corporate purposes. The offering was managed by several prominent investment banks, including Leerink Partners, TD Cowen, Cantor, Barclays, and Wells Fargo Securities as joint bookrunning managers.

Avidity Biosciences (Nasdaq: RNA) has announced the pricing of its upsized public offering of 7,320,000 shares of common stock at $41.00 per share. The company expects to raise approximately $300.1 million in gross proceeds. The offering is set to close around August 16, 2024, with underwriters having a 30-day option to purchase up to an additional 1,098,000 shares. Avidity plans to use the net proceeds to fund its clinical programs, advance research and development of its AOC platform, and for working capital and general corporate purposes. The offering is being managed by several prominent investment banks, including Leerink Partners, TD Cowen, Cantor, Barclays, and Wells Fargo Securities.

Contineum Therapeutics (Nasdaq: CTNM) reported Q2 2024 financial results and recent business highlights. Key points include:

- Strong cash position of $219 million at Q2 end
- Appointed Troy Ignelzi and Sarah Boyce to Board of Directors
- Strengthened management team with John Healy and Kristina Haeckl
- Enrollment on track for PIPE-307 Phase 2 VISTA trial in RRMS
- Published preclinical and clinical results on PIPE-307 and PIPE-791
- Completed IPO with net proceeds of $107.9 million

Financial results:
- R&D expenses: $7.9 million (Q2 2024) vs $9.5 million (Q2 2023)
- G&A expenses: $3.0 million (Q2 2024) vs $1.6 million (Q2 2023)

Avidity Biosciences (Nasdaq: RNA), a biopharmaceutical company developing Antibody Oligonucleotide Conjugates (AOCs™), has announced plans for a $250 million public offering of common stock. The company also intends to grant underwriters a 30-day option to purchase up to an additional $37.5 million of shares. Leerink Partners and TD Cowen are acting as joint bookrunning managers for the offering.

Avidity plans to use the net proceeds to fund clinical programs, advance AOC platform research and development, and for working capital and general corporate purposes. The offering is subject to market conditions, and there is no assurance regarding its completion or terms.

Avidity Biosciences (Nasdaq: RNA) reported positive Q2 2024 results and significant progress in its clinical trials. Key highlights include:

1. Positive del-zota data showing a 25% increase in dystrophin production for DMD44 patients.

2. Initiation of the global Phase 3 HARBOR™ trial for del-desiran in DM1 patients.

3. Breakthrough Therapy designation for del-desiran from the FDA.

4. Positive del-brax data with >50% reduction in DUX4 regulated genes for FSHD patients.

5. Plans to accelerate registrational cohorts for del-brax.

6. Announcement of lead precision cardiology program target planned for Q4 2024.

7. Strong financial position with $1.3 billion cash on hand.

Financials: Q2 2024 collaboration revenue was $2.0 million, R&D expenses increased to $63.9 million, and G&A expenses rose to $20.7 million.

Avidity Biosciences (Nasdaq: RNA) announced positive results for delpacibart zotadirsen (AOC 1044) in the Phase 1/2 EXPLORE44™ trial for Duchenne muscular dystrophy (DMD44). The drug demonstrated:

• Unsurpassed muscle concentrations of PMO at 200 nM after three 5 mg/kg doses
• 37% increase in exon 44 skipping, up to 66% with 5 mg/kg dose
• 25% increase in dystrophin production, restoring up to 54% of normal levels
• Over 80% reduction in creatine kinase levels
• Favorable safety and tolerability profile

These results suggest potential for changing the treatment paradigm for DMD44 patients. The company plans to expedite the regulatory path for delpacibart zotadirsen and advance additional exon-skipping DMD candidates.

Avidity Biosciences (Nasdaq: RNA) has announced inducement grants for its new Chief Legal Officer and Corporate Secretary, John B. Moriarty, Jr. The grants, approved on August 1, 2024, include:

• A non-qualified stock option to purchase 160,000 shares of common stock
• 25,000 restricted stock units (RSUs)

These awards were granted under the company's 2022 Employment Inducement Incentive Award Plan, in compliance with Nasdaq Listing Rule 5635(c)(4). The stock option has an exercise price of $44.57 per share, equal to the closing price of Avidity's stock on August 1, 2024. The stock option will vest over four years, while the RSUs will vest in four equal annual installments, both subject to Mr. Moriarty's continued employment.

Avidity Biosciences (Nasdaq: RNA) has appointed John B. Moriarty, Jr., J.D. as Chief Legal Officer and Corporate Secretary, effective immediately. With nearly 30 years of industry experience, Moriarty brings extensive legal expertise to guide the company through transformational growth. He succeeds John W. Wallen III, Ph.D., J.D., who will remain with the company through year-end and transition as a consultant.

Moriarty's previous roles include Executive VP and Chief Legal Officer at Mirati Therapeutics, Chief Legal Officer at Olema Oncology, and General Counsel positions at Portola Pharmaceuticals, Alexion, and Elan His appointment comes as Avidity advances three clinical development programs for rare muscle diseases and expands its AOC platform pipeline.

Avidity Biosciences (Nasdaq: RNA) has announced inducement grants under Nasdaq Listing Rule 5635(c)(4). The company's Human Capital Management Committee granted non-qualified stock options to purchase 128,200 shares of common stock and 22,100 restricted stock units (RSUs) to six new non-executive employees. These awards were granted under the 2022 Employment Inducement Incentive Award Plan as inducements for new employees joining Avidity.

The stock options have an exercise price of $45.12 per share, equal to the closing price of Avidity's common stock on July 19, 2024. The options will vest over four years, with 25% vesting after one year and the remainder vesting monthly over 36 months. The RSUs will vest in four equal annual installments. Both are subject to continued employment with Avidity.